US Xpress addresses layoffs this week
“In recent months, our truck count and revenue has not grown at the same rate as our headcount….”
May 12, 2022 CHATTANOOGA (WDEF) – Chattanooga based US Xpress is laying off workers this week. They are not releasing the exact number, but one viewer says it is more than a hundred.
The news comes after a tough financial report for the first quarter. They posted a net loss last week just under £9 million, which was worse than Wall Street predictions. This is the official statement the company sent us on Thursday for the layoffs:
In recent months, our truck count and revenue has not grown at the same rate as our headcount. Unfortunately, this means that we made the decision to let some team members go this week. Many of these reductions in staff are within our technology team and the remainder were company-wide across operations and back-office support.
No driver, service center, or maintenance roles were impacted. While difficult, his decision reflects our need to right size our headcount for our truck count growth and is necessary for the health and long-term success of the business. Company leadership says their digitally dispatched and managed fleet platform called Variant will return them to profitability.
CEO Eric Fuller told the conference call to investors last week “Variant is the growth engine for our company and improving its financial results is critical to our long-term success.”
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